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Significant events in 2018

SEA’s Board of Directors appoints a new Chairperson

Following the resignation of Chairperson Pietro Modiano, SEA’s Board of Directors on December 20, 2018 appointed as its new Chairperson Director Michaela Castelli, granting her all the powers previously held by the outgoing Chairperson.

Airport Handling: exercise of option by dnata for 40% and transfer to SEA of the residual 30%.

On June 30, 2018, dnata exercised the option to purchase an additional 40% of Airport Handling and a corresponding portion of Financial Instruments of Participation, increasing its holding in the company to 70% and maintaining the majority on the Board of Directors, held since March 2016 on completion of the acquisition of the initial 30% of the company from the Trustee (whole-owner of Airport Handling) and of 30% of the Financial Instruments of Participation held by SEA.

Exercise of this option resulted in a series of events in July: the winding up of the trust on completion of its mission and the ensuing transfer to SEA of the residual 30% equity interest; the collection by SEA of Euro 13.3 million (of which Euro 10.6 million for the sale of 70% of the Financial Instruments of Participation and Euro 2.7 million for the sale of 70% of the shares), the share of which relating to the sale of 30% by the trust to dnata was conditional on the completion of the transaction; and the receipt of the dividends of Euro 0.4 million approved by Airport Handling in 2016.

Opening of the new facade of Linate airport 

On May 3, 2018, the new facade of Linate airport was opened.  The main works of the first phase of Linate’s restyling beginning in July 2017 concluded and a diluted investment plan shall be rolled out until 2022 for a total amount of Euro 66.4 million.  

Milan to host World Routes 2020, the world's foremost air transport trade event

The assignment of World Routes 2020 to Milan was officially announced in July 2018. World Routes – among the biggest events in the aviation industry – will be held from September 5 to 8, 2020 in Milan at the Mi.Co convention centre, bringing together airlines, airports, aviation stakeholders, the tourist industry and tourism bureaus from all corners of the globe, under the auspices of UBM.

The winning application that resulted in the decision to hold this important event in Milan was prepared by SEA, Mi.Co, the Region of Lombardy and the Municipality of Milan.

SEA views World Routes as an opportunity to consolidate the growth of Milan's airports by launching new routes, particularly to connect Milan with cities in Asia and America, and to reinforce the perception of the airport and destination among representatives of the foremost organisations in the global aviation industry and the decision-makers responsible for development of the network.

In view of World Routes 2020, in September 2018 SEA also participated in the World Routes held in Guangzhou, China, with the aim of promoting Milan as a destination and meeting with representatives of the world’s leading airlines.

Management system for the prevention of corruption

In March 2018, SEA was awarded certification for its management system for the prevention of corruption pursuant to the UNI ISO 37001:2016 standard.

New lines of credit

In 2018 and early 2019 the existing committed lines of credit were renegotiated and new facilities contracted with the aim of reinforcing the SEA Group’s financial structure. At the end of this process, the SEA Group will have committed RCF’s of Euro 260 million, available to be drawn down until 2023, and a new line of EIB funding of Euro 130 million partially covering SEA’s investments plan for the coming years.

The new structure of the committed facilities, for a total of Euro 390 million, will ensure that the SEA Group has adequate financial flexibility in the coming years, at continued favourable cost conditions, during a period also characterized by the commitments associated with the upcoming maturities of its outstanding medium-/long-term lines of financing.